NanoViricides (NYSE-A:NNVC) said on Thursday it had closed a $6 million registered direct offering with a single healthcare institutional investor to support working capital and general corporate purposes.
The Connecticut-based biotechnology company sold about 3.57 million shares of common stock, or equivalents, at $1.68 per share.
In a concurrent private placement, NanoViricides issued Series A and Series B warrants to purchase up to 3.57 million shares each. The Series A warrants, exercisable after six months at $1.75 per share, will expire two years after issuance. The Series B warrants, exercisable at $2 per share after six months, will expire in five and a half years.
The company said net proceeds from the offering will be used for working capital and general corporate purposes.